Reduce the current 7 tax brackets to 3 ranging from 12% for those with taxable income less than $75,000 to 33% from those with taxable income more than $225,000 for MFJ. Rates for single taxpayers will kick-in at half of these amounts.

Head of Household filing status will be eliminated.

Capital gains rates will remain the same (20%).

3.8% Net Investment Income Tax (Obamacare tax) and AMT will be repealed.

Standard deduction will increase to $30,000.

Itemized deductions capped at $200,000 MFJ ($100,000 for single filers). Note that with the increase in the standard deduction, most taxpayers will not need to itemize.